On August 6, 2024, Mullen Automotive Inc., a prominent electric vehicle manufacturer based in the United States, provided a significant update on its operations and financial condition. The company, headquartered in Brea, California, announced that its total assets are expected to reach approximately $191.4 million as of June 30, 2024. This financial update is set to be detailed in the company's upcoming quarterly report, scheduled for filing around August 12, 2024. Mullen Automotive has successfully met all federal and state regulatory requirements for its Class 1 and Class 3 commercial vehicles and is actively manufacturing and selling these vehicles across the U.S. The company's CEO, David Michery, highlighted the strong financial position of Mullen, with a cash balance exceeding its market capitalization, and outlined the company...Show More

On August 6, 2024, Mullen Automotive Inc., a prominent electric vehicle manufacturer based in the United States, provided a significant update on its operations and financial condition. The company, headquartered in Brea, California, announced that its total assets are expected to reach approximately $191.4 million as of June 30, 2024. This financial update is set to be detailed in the company's upcoming quarterly report, scheduled for filing around August 12, 2024. Mullen Automotive has successfully met all federal and state regulatory requirements for its Class 1 and Class 3 commercial vehicles and is actively manufacturing and selling these vehicles across the U.S. The company's CEO, David Michery, highlighted the strong financial position of Mullen, with a cash balance exceeding its market capitalization, and outlined the company's achievements and growth strategies. These include securing $250 million in new financing commitments, expanding its sales and distribution network, and reaching agreements to sell over 200 B4 commercial Class 4 EV trucks. Mullen is also engaged in negotiations to further expand its customer base and has begun fulfilling orders for its electric vehicles from its U.S.-based manufacturing facilities. Additionally, the company is developing solid-state polymer battery packs, with certification expected in the second half of 2025. Mullen Automotive operates two vehicle plants in the U.S. and has recently begun production in Tunica, Mississippi. The company has also received IRS approval for federal EV tax credits and has expanded its commercial dealer network.